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</p><p>Volume 49, Issue 2, Pages 271-411 (May 1996)</p><p>1. <br/> Economic development in a world with many countries<br/>Pages 271-288<br/>Noriyuki Yanagawa<br/> <br/> This paper examines economic development and growth within a model of a continuum of countries. We can show the industrialization process of less developed countries endogenously. The necessary conditions for industrialization depend on the relative position of the country in the world economy. Hence, not only the domestic conditions, but also the performances of other countries are important for industrialization. By using this result, we also consider the relation between agricultural productivity and industrialization. This relation is dependent on the situation of the world economy. If an agricultural country has high industrial productivity, high agricultural productivity may enhance industrialization, but this relation may become inverse by changing the performance of other less developed countries. Furthermore, we examine the effects of less productive industrialized countries. Those countries deter industrialization of less developed countries and development of other industrialized countries. This result is important to consider the infant industry protection policy. <br/> 2. <br/> Syndicated lending under asymmetric creditor information<br/>Pages 289-306<br/>Saugata Banerjee and Olivier Cadot<br/> <br/> This paper explores how asymmetric information about borrower quality among syndicated lenders alters the incentive to refinance illiquid borrowers. We use a model in which lenders enter the market sequentially in two rounds of lending. Between the two rounds, a shock separates borrowers into good ones and bad ones, and early entrants acquire information about individual borrower type, while late entrants know only the distribution of borrower types. The asymmetric information structure gives rise to both signalling and screening issues. We show that self-selecting contracts do not exist, and that there is always a pooling Perfect Bayesian Equilibrium in which late entrants lend to both good and bad types, without borrower type being exposed before final clearing at the terminal time. Based on this framework, we argue that prior to the 1982 international debt crisis, it was possible for banks with heavy exposure to troubled debtors to attract rational newcomers in syndicated loans which were, with positive probability, bailout loans. <br/> 3. <br/> Measuring outward orientation in LDCs: Can it be done?<br/>Pages 307-335<br/>Lant Pritchett<br/> <br/> In recent years abundant evidence has been put forth to show that something about a country's trade policy stance improves economic performance. However, less examined is the question of what exactly that trade policy something that matters for performance is. Examination of the link between various empirical indicators used in the literature to measure trade policy stance reveals that, with minor exceptions, they are pairwise uncorrelated. This finding raises obvious questions about the their reliability in capturing some common aspect of trade policy and the interpretation of the empirical evidence on economic performance. <br/> 4. <br/> Technological change: Rediscovering the engine of productivity growth in China's rural economy<br/>Pages 337-369<br/>Jikun Huang and Scott Rozelle<br/> <br/> This paper focuses on measuring the relative importance of the role of technology versus that of institutional innovation in China's rural economy. A six-equation rice sector model explaining provincial-level technology adoption, yield, and factor demand are econometrically estimated using data from China's 13 rice growing provinces for the period 1975–1990. Growth decomposition analysis identifies technology adoption as the most important determinant of rice yield growth during 1978–1984, accounting for nearly 40 percent the change; institutional reform accounted for 35 percent of the growth. In 1985–1990, technology accounts for all of the increase in rice yields. The study demonstrates earlier studies may have over-estimated the impact of decollectivization. <br/> 5. <br/> Agrarian efficiency wages in a dual economy<br/>Pages 371-386<br/>Gautam Bose<br/> <br/> Suppose that the long-term efficiency of agricultural workers is sensitive to current wages via consumption. Also assume that urban wages are higher, migration is costly, and agricultural workers do not have access to credit. Then changes in components of the urban wage structure effect components of the rural wage distribution in a selective and perverse fashion. </p><p>Intuitively, a higher rural wage facilitates saving and thus makes it easier for workers to migrate to the urban sector. But this deprives the rural employer of long-term efficiency gains which motivates the higher wage payment. Thus when urban wages increase and migration becomes correspondingly more attractive, rural employers reduce their wage offers. This intuition is generalised by considering diverse worker types and various initial wage distributions.<br/> <br/> 6. <br/> From adjustment to development in Africa: Conflict, controversy, convergence, consensus? : Giovanni A. Cornia and Gerald Helleiner, eds., (St. Martins Press, New York and MacMillan, London, 1994), pp. xxiv + 417<br/>Pages 387-391<br/>Paul Collier<br/> <br/> 7. <br/> The financial development of Japan, Korea and Taiwan: Growth. Repressions and Liberalization : Hugh T. Patrick and Yung Chul Park, (Oxford University Press, Oxford, 1994), pp. xii + 384<br/>Pages 392-394<br/>Peter J. Montiel<br/> <br/> 8. <br/> Population, economic development and the environment : K. Lindahl-Kiessling and Hans Landberg, ed., (Oxford University Press, New York, 1994), pp. xxii + 284, $29.95<br/>Pages 394-399<br/>Andrew D. Foster<br/> <br/> 9. <br/> Micro-Enterprises and the institutional framework in developing countries : Christian Morrisson, Henri-Bernard Solignac Lecomte and Xavier Oudin, (OECD Development Centre, Paris, 1994), pp. 251, $30, 55DM or 140FF<br/>Pages 399-403<br/>Jeffrey B. Nugent<br/> <br/> 10. <br/> Local suppliers of credit in the Third World, 1750–1960 : Gareth Austin and Kaoru Sugihara, eds., (The Macmillan Press, London and St. Martin's Press, New York, 1993), ISBN 0-333-52320-2 (The Macmillan Press), ISBN 0-312-08559-1 (St. Martin's Press), pp. 318, $65.00<br/>Pages 403-407<br/>Karla Hoff<br/> <br/> 11. <br/> Economies of exclusion: Underclass poverty and labor market change in Mexico : Scott Sernau, (Praeger Publishers, Westport, CT, 1994), pp. xv + 156, $55.00<br/>Pages 407-410<br/>Douglas Marcouiller<br/> <br/> 12. <br/> Author index<br/>Page 411<br/> </p><p></p>
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